Bitcoin correlation with ether hits lowest level since 2021

Professional Mode:

The correlation between Bitcoin and Ether has dropped below its average for the first time in three years, indicating a change in their relationship. This drop occurred around the same time Bitcoin spot ETFs were launched, leading to speculation about potential spot Ether ETF approvals from the SEC. While there are uncertainties surrounding the approval of spot Ether ETFs, there are multiple narratives that Ether can rely on, such as new Layer 2s or the success of EigenLayer and restaking. Despite the drop in correlation, Ether's price is up 9% year-to-date, while Bitcoin has fallen around 10% over the past week.

Easy Mode:

Bitcoin and Ether are two types of digital money. In the past, their prices usually went up and down together, but now something different is happening. It's like they are not friends anymore and their prices are not moving in the same way. People are talking about a new kind of investment called Bitcoin spot ETFs, and they are thinking that maybe there will be another kind of investment called Ether spot ETFs too. But we don't know for sure if that will happen. Even without the ETFs, Ether has other things that can help it, like new ways of using it and people putting money into it. Even though Bitcoin is not doing so well right now, Ether's price has gone up a little bit this year.#ETH-ETF #BTC